Belarus High-Technologies Park (HTP), a national special economic zone contributing to the IT business, established the rules for the functioning of the cryptocurrency market in the country, according to documents published by HTP on 30 November.
The normative documents define the requirements for the various types of business related to cryptocurrencies and Initial Coin Offerings (ICO), as the general rules for industrial regulations – Decree no. 8 "on the development of the digital economy" – had already been signed last year.
The HTP, commonly known as the Belarusian Silicon Valley, was responsible for defining the rules according to which the cryptocurrency industry would be regulated in the country. Today the HTP has published five documents: "Requirements for applicants", "Requirements for cryptopatform operators", "Requirements for Cryptocurrency Exchange Office operators", "Requirements for ICO Operators" and "Requirements for the rules of internal control ".
Now that these rules have been accepted, they form "a complete legal regulation of the cryptocurrency in Belarus", reports the Belarusian local newspaper Dev.by. He also declares:
"The cryptocurrency activities of HTP residents have received full regulatory support from the regulator, the HTP administration, together with the National Bank, the Department of Financial Control of the State Audit Committee, international experts and other bodies, has completed and signed all the necessary documents. "
In the spring, the Belarusian government called the digitization of the national economy "a top priority", thanks to its ability to transform "the economy, public administration and social services", as reported by Cointelegraph on May 16 .
Previously, the deputy foreign minister of Belarus said that Belarus intended to establish relations with South Korean investors interested in the so-called "fourth industrial revolution" technologies, focusing on artificial intelligence (AI) and blockchain, Cointelegraph wrote the 6 September.